- Craig comes to us. He’s listened to our goals, our investment needs and our insurance needs & he’s sold us products that fit best to suit our lifestyle.
- Louis & Barbara Kuriger
- Craig has really looked after us, He’s gone and got the best deals. That’s his job.
- Ross & Shelley Clark
- Dealing with a specialist company like Abacus is vital. That relationship thing is absolutely important because you know someone is going to bat for you.
- Steve Day, MD Pace Engineering
- I am truly grateful to Jamie and consider myself extraordinarily fortunate to have received the benefit of his astute advice and assistance.
- - J. F. Pickett
- It has felt very good to know we have Richard and the team at Abacus Group Ltd on our side.
- - Brian and Tracey Downes
- Richard bent over backwards in his endeavours to help us every step of the way through the claim, making the process as simple as possible.
- - John & Carole Lynskey
Income protection insurance provides a regular income in the event that illness or injury leaves you unable to work. It is an important way of making sure that while you may lose the ability to work for a living due to illness or injury, you won't lose your income. This is especially important when you have increased financial responsibilities such as mortgages, dependents or a business.
Statistics show, that a huge number of people are committed to maintaining car and house insurance payments, or insurance on other tangible assets, however, some of us don’t insure our ability to continue to pay for these assets in the event of illness or injury. Your income provides you with the ability to pay for the things that are important to you. Are you protecting your greatest asset – your ability to earn?
Income protection, unlike ACC covers non-accidental reasons for being off work. One of these reasons as an example is stress, which is the number one reason for people needing time off work in New Zealand.
Income protection insurance does not cover 100% of your wages, however there are two options:
You get paid 55% of your income (agreed value): the premiums you pay are not tax deductible and you won’t have to pay tax on the income you receive at claim time.
You get paid 75% of your income (indemnity): the premiums you pay are tax deductable and you will need to pay tax on the income at claim time.
The difference between the two options is the amount of certainty at claim time. Come in and see us to discuss the options with an advisor.
This is dependent on perspective. How long could you maintain your lifestyle without an income. It is worth looking into income protection if your quality of life depends on your income. Many people do not realise that over two thirds of disabilities are caused by illness and consequently no ACC benefit is payable. (AIA source Davis Financial and Actuarial 2005).
Questions about ACC? We can explain to you how to adjust your ACC to fit your business, and inform you of what is and is not covered. If you’re looking at income protection as an option or advice on life, trauma, total and permanent disability and health insurance Contact us today.